Rebuilding Ukraine Association Inc. a 501c3 Non Profit’s Post

The US State Department has announced four economic assistance packages for Ukraine and established an economic recovery working group. The US will provide Ukraine with a new financial assistance package worth about $437M, Deputy Secretary of State and Acting US Special Representative for Economic Recovery for Ukraine Richard Verma said. Ukraine will receive: ● $74.7M to support the agricultural sector ● $223M to restore transport infrastructure and logistics ● $35M under the Project Preparation Facility program to increase the number of completed construction projects "from dozens to hundreds." ● $105M to train Ukrainians for future work in the construction and industrial sectors. The State Department has also established a working group that will focus on Ukraine's nationwide economic recovery, identified 20 priority projects, and plans to expand its activities into new areas. "It is necessary to accelerate cooperation with Ukraine in investment selection so that the reconstruction meets the needs of the EU and NATO in critical infrastructure. We should also develop special agreements with Ukraine to stimulate the participation of the American, European, and allied private sectors in reconstruction," the official specified. https://lnkd.in/dtR75Gj3

PAVLO KOSTYUK: UKRAINE IS FACING A NEW REALITY THAT REQUIRES AN ADAPTIVE APPROACH TO RECOVERY   Representatives of the Ukraine Reconstruction Fund joined the discussion of Ukraine’s recovery, which took place at the Invisso conference in London. The event annually brings together business representatives, investors, financial experts and politicians to discuss financial challenges and economic prospects.   Experts estimate that Ukraine needs USD 15.3 billion for a rapid recovery in 2024. Of this amount, about 5.5 billion has already been financed from the state budget and through donor support. Thus, the country needs another $9.5 billion to finance the priority recovery needs.   “It is clear that in such a difficult situation, Ukraine counts on financial support from both partner countries and private investors,” said Pavlo Kostyuk, founder of the URF.   He emphasized that in order to use these funds effectively, it is important to immediately create a favorable investment environment, ensure that investment projects are insured against military and political risks, and introduce real, not declarative, mechanisms of state support.   “Due to the war, Ukraine is facing a new reality that requires an adaptive approach to recovery. Without involving the private sector in economic recovery, Ukraine’s path to the EU and NATO will be extremely difficult,” emphasized Pavlo Kostyuk.   The URF calls on the international community for active cooperation and support, which is critical for the sustainable and successful recovery of Ukraine.

POLICY BRIEF FOR THE EUROPEAN COMMISSION: RECOMMENDATIONS FOR ENHANCING FINANCING MECHANISMS FOR UKRAINE'S RECOVERY Following Russia's full-scale invasion in February 2022, Ukraine experienced significant challenges, including GDP contraction population displacement, disrupted logistics, and damage to energy infrastructure. While some risks were mitigated in 2023 and the economy grew, Ukraine remains reliant on external financing, with only $42bn of budget needs met for 2024. The annual requirement, as long as the war persists, is approximately estimated at an additional $40 billion/year. While there might be some reduction in this amount, it cannot be halved, and substantial external support, likely tens of billions of US dollars, will still be necessary. Topics covered in this publication: ▪ IFIs framework in Pillar II, ▪ Challenges in Ukraine's Business Recovery Funding, ▪ Insurance of war-related risks, ▪ Challenges to current framework in the context of needs, ▪ Discussion Forum with Businesses, Government, and IFIs. Read the full article here: https://lnkd.in/gkmKyKAk

31 Jul 08:55: UBN: The US 🇺🇸 proposes a plan for Ukraine's 🇺🇦🇺🇦 economic recovery. During her last visit to Kyiv as the US Special Representative for Ukraine’s Economic Recovery, Penny Pritzker evaluated the concept of Ukraine's economic recovery and announced five components of its successful implementation. According to her, first, it is necessary to form a list of projects that are ready for implementation, of which there should be hundreds, if not thousands. Second, it is essential to ensure support for interagency planning: Western technical experts can work together with Ukrainians to coordinate the actions of the entire government and support the development of a single priority project. Third,it is necessary to accelerate reforms "to create a foundation for investment, a prosperous economy, accession to the EU and membership in NATO." Fourth, it is necessary to force the world to provide more capital, in addition to the $50B in frozen Russian assets, and revitalize the insurance, reinsurance, stock, and banking markets. Fifth,it is necessary to entice veterans and refugees to return home, teach them the skills required to rebuild Ukraine and reenter them into the labor market. https://lnkd.in/d7eFtJcY Thank you, Nikki 🇳🇿🇺🇦:

The US proposes a plan for Ukraine's economic recovery.During her last visit to Kyiv as the US Special Representative for Ukraine’s Economic Recovery, Penny Pritzker evaluated the concept of Ukraine's economic recovery and announced five components of its successful implementation. According to her, first, it is necessary to form a list of projects that are ready for implementation, of which there should be hundreds, if not thousands. Second, it is essential to ensure support for interagency planning: Western technical experts can work together with Ukrainians to coordinate the actions of the entire government and support the development of a single priority project. Third,it is necessary to accelerate reforms "to create a foundation for investment, a prosperous economy, accession to the EU and membership in NATO." Fourth, it is necessary to force the world to provide more capital, in addition to the $50B in frozen Russian assets, and revitalize the insurance, reinsurance, stock, and banking markets. Fifth,it is necessary to entice veterans and refugees to return home, teach them the skills required to rebuild Ukraine and reenter them into the labor market. https://lnkd.in/d7eFtJcY

Three dynamic days saw the Ministry of Finance team actively participating in the Ukraine Recovery Conference #URC2024 in Berlin. Here are the key results, outcomes, and impressions: •⁠ ⁠The message among our partners has shifted from a commitment to supporting Ukraine "as long as it takes" to pledging support "until Ukraine wins." Throughout the conference, we received assurances of backing at the highest levels, also affirming Ukraine's unwavering European trajectory. •⁠ ⁠The Government of Ukraine's implemented reforms earned recognition from our partners. Notably, the recently unveiled Reforms Matrix enhances transparency for both the public and international allies. •⁠ ⁠The tenth meeting of the Steering Committee of the Multi-agency Donor Coordination Platform for Ukraine marked a milestone, being the first held at the ministerial level. This gathering shaped our ongoing collaboration with partners, focusing on the priorities of Ukraine that will have the greatest impact on economic growth. •⁠ ⁠Under the URC2024 framework, in conjunction with our international partners, we signed five agreements totaling $340 million, with 30% as grants. These funds are earmarked for vital initiatives such as energy sector restoration, housing reconstruction post-russia's damage, school and hospital modernization, and heating equipment procurement. Gratitude is extended to our partners from KfW, the EIB, the World Bank, and the Council of Europe Development Bank. •⁠ ⁠About 20 meetings convened with heads of financial institutions, finance ministers, and government officials from partner countries. We actualized Ukraine's financing and recovery needs both in the short term and for the future. Collective efforts are now underway to translate these discussions into action. As we return to Ukraine, anticipation mounts for significant developments and updates from the upcoming G7 summit commencing tomorrow in Italy. Photo credits: Photothek.de

🤝 Ukraine Facility, Ukraine Donor Platform and European Integration – Minister of Finance of Ukraine Sergii Marchenko and European Commission Director-General for Neighbourhood and Enlargement Negotiations Gert Jan Koopman discussed key areas of cooperation. In 2025, the EU financial instrument Ukraine Facility provides EUR 12.5 billion in budget support, subject to meeting 52 indicators. 💬 “Ukraine Facility strengthens our macroeconomic stability and brings Ukraine closer to EU membership. The EUR 50 billion program for 2024-2027 ensures the conditions for receiving the predictable funding last year and in the following years. This is particularly critical given the uncertainty caused by the full-scale war. We are now continuing efforts to meet the next steps of the program to secure the full amount allocated for this year,” said Sergii Marchenko. During the discussion of the Ukraine Donor Coordination Platform, where they serve as co-chairs, they emphasized the importance of the platform as a hub for uniting Ukraine's partners, coordinating support, sharing expertise and knowledge, and cooperating on Ukraine’s development and recovery. 📍 The thirteenth meeting of the Platform’s Steering Committee will take place in Kyiv in April. It will focus on Ukraine's key priorities: financial needs for 2025–2026, recovery, and reforms.

In late July, U.S. Special Representative for Ukraine’s Economic Recovery, Penny Pritzker, visited Ukraine to discuss boosting private sector investment. Despite the ongoing war, Ukraine’s economy has grown remarkably, with a 5% GDP increase and 17% rise in investments in 2023. Pritzker outlined the “Ukraine’s Path to Prosperity” plan, focusing on streamlined reconstruction efforts, investment opportunities in agriculture, energy, defense, and tech, and mobilizing more capital for Ukraine’s recovery. Her vision emphasizes shifting from donor reliance to attracting private investment. Read full new here: https://lnkd.in/gf-Vjcpa

📃 314 reform measures with 520 performance indicators defined in our cooperation programs and other official documents with international partners. The Ministry of Finance has updated the Reforms Matrix as of the end of June. All measures are detailed in these official documents: ➖ European Commission's Report on Ukraine within the EU Enlargement Package; ➖ IMF Extended Fund Facility Arrangement; ➖ Ukraine Plan for the EU's Ukraine Facility financial instrument; ➖ World Bank's Development Policy Loan conditions. ✅ Implementing the Reforms Matrix measures will support Ukraine's path to EU integration, enhance economic competitiveness, and enable financial support as outlined in these cooperation programs. In the first half of 2024, Ukraine completed 108 indicators, with 17 under the Ministry of Finance's responsibility. 🔎 In June 2024, the Ukrainian Government launched the Reforms Matrix website. International partners, including members of the Multi-agency Donor Coordination Platform for Ukraine, welcomed this initiative and recognized Ukraine's transparency in performing cooperation program conditions. Reforms Matrix: https://lnkd.in/d26_ViDY

🔎💰What expenditures are covered by international support? 🌍 Since 24 February 2022, direct budget support from donor countries and international financial institutions totalled about USD 98.1 billion. The Government allocates all revenues from partners to social, humanitarian and other priority non-military expenditures of the State Budget. External financial assistance cannot be used to cover defence and security expenditures. 📍Funds raised under World Bank projects are exclusively targeted and agreed upon by partners and the Government of Ukraine. Since February 2022, Ukraine has received almost USD 40 billion through World Bank mechanisms. The United States, Japan, and the United Kingdom are the largest donors. 📥 Priority expenditures of the State Budget without reference to specific areas are covered by the support from the EU (EUR 38 billion), the IMF (USD 10.2 billion), and the Government of Canada (over USD 5 billion). These include social and humanitarian expenditures that are not covered by targeted budget support. They also include support for the energy sector, state debt service, economic recovery, etc. 🔗 Details: https://lnkd.in/dV4yxJ9E